South Africa Jewellery Market Research, Writing Instruments Market in South Africa - Ken Research

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High Inflation led to Moderate Growth of Personal
Accessories Demand in South Africa Ken Research
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South Africa is ranked as an upper-middle-income
economy by the World Bank and is the second
largest in Africa. South Africa accounts for 35
of Africa's gross domestic product (GDP).Starting
any business in the country was inefficient due
to government bureaucracy, restrictive labor
regulations, shortage of educated workers,
political instability, and corruption, while the
country's positive feature of the economy was in
the robust banking sector.
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In the year 2000, the government promoted
economic growth and foreign investment by
relaxing restrictive labor laws, privatization,
raising government spending, and lowering
interest rates. These measures led to enormous
economic growth with increase in employment and
capital formation. In the year 2016, South
Africa was in economic crisis. The drought led to
rise in domestic grain prices. Unemployment
remained very high with many people living in
poverty. With the economic crisis, the personal
accessories market achieved growth in 2016. Bags
and luggage was characterized by relatively
low-cost imports, typically from Asia. As well
as, fake products were available at lower prices.
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Research report Personal Accessories in South
Africa says, media is an important source of
information on latest fashion trends around the
world exposing new looks in jewellery, watches,
bags and luggage. This forced the retailers and
manufacturers to embrace innovative to stabilize
themselves in the competitive fashion sector.
Reality shows on television related to fashion
and fashion magazines led to the growth of
personal accessories in South Africa. The
personal accessories market in South Africa is
extremely uneven. Fewer companies are specialized
in personal accessories therefore, this market
is yet to reach its full capacity. Many branded
products are accepted and sold at cheap rates,
therefore reducing consumer expenditure.
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Leisure and personal goods retailers are the only
source of outlets for South Africans while
purchasing personal accessories. Bags and luggage
retailers involve bulk sales due to their wide
range and quality products at a variety of
prices. On the other hand, internet sales
recorded major growth in 2016, as consumers were
more confident in buying accessories online.
There is a minimum growth in personal accessories
market due to increase in prices. The economic
capital of South Africa is Johannesburg city and
is Africas most powerful economy. After a
sluggish 2016, 2017 is likely to experience a
repeated recovery in the African economy. Smart
watches are one of the personal accessories in
South Africa. Smart watches in the earlier days
possessed limited functionality such as a storage
capacity for 24 digits of information and limited
data processing capability.
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This market is small but is sure to grow rapidly
beyond imagination in the coming years. With the
introduction of flexible functions in smart
watches such as hands free control, access to
data anywhere at any time of the day, biometric
functionality, GPS, mapping capability, the
market is sure to skyrocket. The smart watches
market has new players such as Asus, Motorola,
Tag Heuer, Alpina, Breitling, Xiaomi and more,
apart from Google, Apple, and Samsung, which are
the current market leaders in the smart watches
market with more than 65 of the smart watches
market share. The personal accessories market in
South Africa is likely to record a limited growth
in this year. South Africas high inflation will
limit the spending of customers on personal
accessories. Nevertheless, the growth rate is
moderate in bags and luggage, premium and luxury
bags and luggage compared to lower priced
products.
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• Key Topics Covered in the Report
• Global Personal Accessories Market Research
• South Africa Personal Accessories Industry
  Analysis
• Luggage Bags Market In South Africa
• South Africa Jewellery Market Research
• South Africa Watches Market Research
• Writing Instruments Market in South Africa
• Personal Accessories Demand in South Africa
• South Africa Personal Accessories Market Future
  Outlook
• To know more on the publication, click on the
  link below
• https//www.kenresearch.com/consumer-products-and-
  retail/cosmetics-and-personal-care/personal-access
  ories-south-africa/100825-95.html

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